Jake and Reese Engaged?

Rumor has it that Gyllenhaal and Witherspoon might be wedding planning.

Could it be true? Well, it might be! Rumors are flying that Reese Witherspoon and Jake Gyllenhaal are engaged and planning a wedding. Sources state that the third time is a charm because Jake has proposed twice before but they say she’s accepted this time. Reese was spotted with a ring on her engagement finger at a recent Avon commercial shoot. A source on the set said, "It was gorgeous, and everyone noticed it right away." Adding fuel to the rumors, the source goes on to state that the actress "took it off as soon as she saw people staring. Reese stuffed it in her bag and didn't put it on again the rest of the day. There was already word out that she and Jake had gotten engaged, so the ring absolutely confirmed everybody's suspicions."

Speculation on wedding planning, location and timing for the couple, who has been dating since March 2007, has already started. Insiders say that Reese would prefer the event to be simple and intimate, preferring to have a Southern barbecue at the couple’s Ojai, California home. No confirmation on the story or any further details are available at this time.

We love a good Hollywood wedding, especially one starring this charming couple. We wish them all the best and hope that they make it official!